US: 1.646.568.9797 (24x5)
UK: 44.330.808.0580 (24x5)
Worldwide: 91.703.051.960 (24x7)
Report Overview: Global Energy Retrofit Systems MarketThe global energy retrofit systems market size was valued at USD 121.7 billion in 2020 and is anticipated to grow at a compounded annual growth rate (CAGR) of 3.9% from 2021 to 2027. Increasing demand for energy efficient systems, preferably consuming renewable power is predicted to drive the market over the forecast period 2021-2027. Growing adoption of HVAC appliances across sectors is projected to further boost the market. Most HVAC and lighting technologies have an average shelf life of 25 years, after which the technology is termed obsolete and needs replacement. Energy retrofit systems lead to a substantial reduction in energy costs for homes and offices. In U.S., the market is expected to witness substantial growth rate primarily due to large scale construction and adoption of energy retrofit systems to replace existing ones that have proven to be expensive and energy consuming. Since the Federal Government opted out of the Paris Accord on Climate Change, there has been speculation of non-renewable energy companies capitalizing on the opportunity. However, growing awareness towards adoption of renewable energy is projected to grow at robust rates due to the financial SOPs offered by government agencies. Costs of renewable power sources from wind and solar energy are predicted to boost the product demand. According to the 2018 International Renewable Energy Agency (IRENA) report, residential buildings accounted for about 20.0% of the total global energy consumption, largely due to HVAC and lighting solutions, which is an expensive proposition. Energy retrofit systems with renewable energy solutions is expected to lower the energy expenses incurred along with being environment friendly for the ecosystem at large. Major players in the market control an array of functions in the value chain of energy retrofit systems which contributes towards stabilizing the flow of goods and products in the organized side. Demand for energy retrofit systems in numerous end-use applications like office buildings, hotels, and telecom service providers, are encouraging manufacturers to adapt products per specific requirements from end-use industry sectors.
Product Insights: Global Energy Retrofit Systems MarketTheHVAC retrofit segment accounted for the largest revenue share of 60.0% in 2019, as the retrofitting of these systems is signifcantly more expensive and complex, with the technology being updated every 5 years making the existing systems obsolete. Previously installed HVAC were cumbersomely elaborate with some serious limitations while having a high rate of energy prices consumption. LED retrofit lighting is projected to be the fastest growing product segment in the energy retrofit systems market over the forecast period. Rapid technological innovation in the lighting industry, easy availability of raw materials, along with affordably priced products are expected to substantially drive segment growth till 2027.
Application Insights: Global Energy Retrofit Systems MarketNon-residential application accounted for the largest revenue share of 70.1% in 2019 and is predicted to continue its dominance over the forecast period. Large scale installations of HVAC systems and technological obsolescence of traditional systems is projected to set in motion a large-scale migration towards a retrofit upgrade over the forecast period. Regions experiencing extreme winters for a better part of the year will stand to benefit especially from energy retrofit systems owing to their dependence on both HVAC and lighting systems, at a significantly lower cost. The residential segment is anticipated to grow at a substantial rate over the forecast period. Increasingly expensive residential properties along with laws protecting old constructions have thrust retrofitting into prominence, with more consumers opting for it. Retrofitting also helps home owners control their energy bills, while encouraging adoption of renewable energy retrofit systems, positively impacting the efforts to lower the carbon footprint.
Regional Insights: Global Energy Retrofit Systems MarketThe Asia Pacific accounted for the largest revenue share of 33.0% in 2019. Lower costs of renewable energy and cheaper infrastructure have encouraged rapid production of energy retrofit systems, leading to growing adoption across the residential and commercial end users. Government programs and policies in China for existing and new constructions including the three-star rating system are encouraging environment-friendly green buildings. The code enforcement extent has been increased justifiably by the central government over the past decade. The codes set a prerequisite that needs to be followed during the construction of all new residential and non-residential buildings in every city. Central and South America is expected to witness a robust growth rate owing to the introduction of regulations for emission control, and adoption of clean energy. Germany accounts for the largest market share in the region owing to widespread consumer awareness regarding retrofitting along with availability of energy retrofit systems.
Key Companies & Market Share Insights: Global Energy Retrofit Systems MarketMost major market players are investing in extensive research and development to produce effective and efficient systems that will result in distributing and storing energy significantly. Some of the prominent players in the energy retrofit systems market include:
Key companies Profiled: Global Energy Retrofit Systems Market Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global energy retrofit systems market report based on product, application, and region:
- Orion Energy Systems, Inc.
- Daikin Industries
- E.ON Energy Services
- Siemens Building Technologies
- Energy Retrofit Co.
- Eaton Corp
- Ameresco, Inc.
Product Outlook (Revenue, USD Billion, 2016 - 2027)
- LED Retrofit Lighting
- HVAC Retrofit
Application Outlook (Revenue, USD Billion, 2016 - 2027)
Table of Contents Chapter 1. Methodology and Scope 1.1. Research Methodology 1.2. Research Scope & Assumption 1.3. Information Procurement 1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum) 1.3.2. IFF Internal Database 1.3.3. Secondary Sources & Third-Party Perspectives 1.3.4. Primary Research 1.4. Information Analysis 1.4.1. Data Analysis Models 1.5. Market Formulation & Data Visualization | read more...